FREEHOLD, N.J., Oct. 19, 2018 /PRNewswire/ -- Monmouth Real
Estate Investment Corporation (NYSE: MNR) today announced the
acquisition of a new 347,145 square foot industrial building
located at 584 US Highway 130, Trenton,
NJ at a purchase price of $85,248,352. The property is net-leased for 15
years with approximately 14 years remaining to FedEx Ground
Packaging System, Inc., a Delaware
corporation. The building is situated on approximately 62
acres.
Michael P. Landy, President and
CEO, commented, "We are extremely pleased to announce this new
acquisition. Centrally located between New York City and Philadelphia, this location serves 10% of the
US population within a 75 mile radius and 33% of the US population
within a two-hour drive. The property is in very close proximity to
the New Jersey Turnpike, Interstate 195, and Interstate 295. It is
located 45 miles south of Newark
International Airport as well as the Port of New York and New
Jersey. We have strategically positioned many of our assets
to benefit from the recently expanded Panama Canal and this
acquisition will provide additional exposure to this proven
concept. This location is only a half-hour drive from our corporate
headquarters and represents one of the most concentrated consumer
and business markets in the world."
Monmouth Real Estate Investment Corporation, founded in 1968, is
one of the oldest public equity REITs in the world. The
Company specializes in single tenant, net-leased industrial
properties, subject to long-term leases, primarily to
investment-grade tenants. Monmouth Real Estate Investment
Corporation is a fully integrated and self-managed real estate
company, whose property portfolio consists of 112 properties
containing a total of approximately 21.5 million rentable square
feet, geographically diversified across 30 states. In
addition, the Company owns a portfolio of REIT securities.
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SOURCE Monmouth Real Estate Investment Corporation